Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) reported its financial results for the first quarter ending April 30, 2022. Awakn recorded revenue of $253,154 via Awakn’s clinics versus zero in the prior year. This represents a 23.9% or $48,834 versus the three months ended January 31, 2022.
The company said the revenue was primarily driven by the provision of ketamine-assisted therapies at the Oslo clinic in Norway and the Bristol clinic in the UK as the flagship London clinic in the UK only began delivering treatments in April 2022
Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, said, “Today’s results demonstrate the significant momentum building in our business across both our research and development pipeline and in our therapeutics commercialization business. The addiction treatment market opportunity is, unfortunately, large and growing, and Awakn is uniquely positioned to offer proven therapeutics supported by data to sufferers for whom the current standard of care is inadequate and relapse rates are unacceptably high.”
“During the quarter we achieved a number of significant milestones, including the completion of the world’s first Ketamine study for a range of behavioral addictions including Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior Disorder. We also received regulatory approval for our flagship London clinic. Q1 was another period in which we made significant progress towards our goal of bringing effective therapeutics to addiction sufferers in desperate need.”
The company has $2.8 million in cash and anticipates opening another clinic. The company also hopes to receive regulatory and ethics approval for Phase III clinical trial for Ketamine-Assisted Therapy for the treatment of Alcohol Use Disorder